The aim of this Real Estate Observatory by the Monaco Statistics (Institut Monégasque de la Statistique et des Études Économiques) is to present one of the sectors of activity in the Monegasque economy, real estate, and more specifically private sector residential real estate, as well as its evolution over the last ten years.
According to current tax regulations, a sale corresponds to the first transfer of a property, either off-plan or after completion, relating to a building less than five years old. The number of sales is therefore directly linked to the delivery of new dwellings and the marketing of operations under construction. It should be noted that not all completed dwellings are intended for sale, as some property developer sometimes prefer to rent them out.
Deliveries of new properties in the private sector vary greatly from year to year, depending on the number and progress of construction projects in the Principality. In 2025, 103 dwellings were completed, divided between La Rousse and Les Moneghetti.
The analysis of the number of sales is carried out by type of housing. Villas, which are scarce on the market, are included in the category of 4 or more bedrooms in order to preserve the anonymity of transactions.
Driven by numerous deliveries in 2024 and 2025, the sales market was particularly dynamic in the first quarter of 2025, with 42 transactions recorded. Activity then slowed significantly, with 15 sales in the second quarter, 7 in the third and none in the fourth, bringing the annual total to 64 transactions. This volume is down by 37 compared to 2024, a year marked by an exceptionally high level of transactions.
However, this decline must be put into perspective, as the number of sales recorded in 2025 remains significantly higher than the average observed over the last decade, which stands at 51 transactions per year. Over a longer period, since the start of the statistical series in 2006, the annual average is 33 properties, which is about half the volume recorded in 2025.
Furthermore, more than eight out of ten sales involved properties with three or more bedrooms (including four villas), an unprecedented proportion over the entire period observed.
In 2025, total sales amounted to €2.6 billion. This represents a decline of €1 billion compared to 2024, a year marked by particularly high levels. However, it remains twice as high as the previous records set in 2022 and 2023, which were already remarkable figures at the time. This situation can be explained by the completion of exceptional transactions following the recent delivery of several high-end real estate projects.
Almost all of the sales (97.5%) consisted of large properties, namely dwellings with three or more bedrooms, three quarters of which fell into the category of 4 or more bedrooms (including villas).
In a market heavily dependent on new developments, mean and median sales prices are largely determined by the standard of the property developments delivered or under construction, which shape the supply available on the market.
The mean sale price, driven by transactions involving exceptional properties, rose by nearly 12% in one year, setting a new record of €40.8 million. The median price fell slightly (-3.9%), while remaining at a very high level: in 2025, one in two sales was concluded for an amount of €21.2 million or more.
In 2025, the sales market was largely dominated by very high-end properties: of the 64 transactions recorded, 35 exceeded €20 million, representing more than half of all sales (54.7%). Among these, five transactions exceeded €100 million, the same number as sales below €5 million.
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